Marc Nemenoff gives his readers an insight into the decision making process of a professional trader and analyst with 35+ years of market experience. He covers the markets with which he has had the best success throughout his career with. Contact Mr. Nemenoff at (312) 264-4310
Financials: June Bonds are currently 24 higher at 144’17 and the 10 Yr. Note 9.5 higher at 131’27. Yesterday the Bonds traded as low as 143’15, just below my near term objective of 143’17 indicating that short positions should either be covered or protective buy stops lowered to 144’03. We are now on the sidelines awaiting an opportunity to initiate a new short position in the 144’26 area.
Grains: May Corn is currently 2’0 lower at 701’4, May Beans13’0 lower at 1439’4, May Wheat1’4 lower at 713’0 and Dec. Wheat 4’0 lower at 735’4. We remain long out of the money call spreads in Dec. Wheat. I will be a buyer in Corn on a 25 cent break.
Cattle: Apr. LC are currently 62 higher at 130.47 and Mar. FC 77 higher at at 142.77 (on Monday I will be quoting Apr. FC). Over the last couple of sessions we have covered short Feeder Cattle hedges and replaced them with put options 2 strike prices out of the money. I remain somewhat negative for the long term on both Live and Feeder Cattle. I will be a seller in Apr. LC above the 131.35 level.
Silver: May Silver is currently 23 cents higher at 28.64 after making a new near term low of 27.94. We remain long a small position. Apr. Gold is currently 3.00 higher at 1581.00 after making an overnight low of 1564.00. If you went long Gold at yesterday’s recommended support of 1568.00, take the short term profit.
S&P’s: Mar. S&P’s are currently 6.25 lower at 1507.00. If you went short yesterday either take the short term profit or lower your protective buy stop to your break even level. Yesterday we bought the Mar. 1480 put (expiration is 3/15/2013) for about 6.00 ($300).
Currencies: As of this writing the Mar. Euro is currently 56 lower at 1.3009, the Swiss 56 lower at 1.0621, the Yen 11 lower at 1.0779 and the Pound 147 lower at 1.5027. Yesterday we tried the long side of the Pound only to be stopped out at 1.5050 overnight for a loss. The Euro is on new recent lows.
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Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The information presented is from sources believed to be reliable and all information is subject to change without notice.
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